Oil prices rise as EU blocks imports from Russia | Business | The Times


Oil prices have slot hit fresh highs after European Union leaders agreed on a plan to block more than two-thirds of Russian oil imports.

Brent crude rose above $123 a barrel on Tuesday, the highest it has been for two months.Prices for oil and gas have soared in recent months, fuelled by the lifting of lockdowns and the Ukraine war.

Rising energy costs are putting pressure on consumers, making it more expensive to heat homes and drive.Petrol hit a new record of 173.02p a litre on Monday, according to the AA.